Aug 04, 2017

Sri Lanka’s export earnings expanded

Sri Lanka’s export earnings expanded in May by 7.8 percent to US$ 841 million, on an year-on-year basis, however during the first five months of the year, exports declined recording slow growth, Central, Bank additional director of economic research W Dilrukshini said.

“On a cumulative basis, earnings from exports grew by 4.3 per cent (year-on-year) to US dollars 4,410 million during the first five months of 2017, as a result of higher income from exports of tea, spices, petroleum products and seafood,” MS Dilrukshini  told a monetary policy review media conference in Colombo on Thursday

However, declines were seen in export earnings from textiles and garments, gems, diamonds and jewellery and food, beverages and tobacco during the period, she disclosed.

Expenditure on imports increased to US $1,727 million in May 2017 registering a 8.6 per cent year-on-year growth, reflecting higher demand for consumer goods and investment goods imports.

On a cumulative basis, import expenditure increased by 12.6 per cent to $ 8,610 million during the first five months of 2017 mainly due to higher imports of fuel, rice and gold, she added.

Imports of fuel and gold increased by 63 per cent and 102.2 per cent year-on-year, respectively, while expenditure on rice imports increased substantially by more than twenty-fold.

However, the central bank said imports of machinery and equipment, personal vehicles and textiles and textile articles declined during the first five months of 2017.